BackSpeciality Chemical stock Clean Science dips as promoters sell a major stake of 3.73 million shares via block deal
Clean Science And Technology Ltd is a mid-cap company that recorded a market cap of ₹15,178.84 Cr during Monday's closing session.
PremiumClean Science And Technology Ltd is a mid-cap company that recorded a market cap of ₹15,178.84 Cr during Monday's closing session. During morning trades, shares of Clean Science and Technology Ltd opened at ₹1448.55 but quickly plummeted nearly 4%, reaching an intraday low of ₹1376. The stock wrapped up on the BSE with a downside gap of 0.41% at ₹1428.75 per share.
The bearish trend came after the company said Asha Ashok Boob, Nilima Krishnakumar Boob and Asha Ashok Sikchi, the members of promoter group of the company propose to divest part of their shareholding in the company.
Asha Ashok Boob, Nilima Krishnakumar Boob and Asha Ashok Sikchi, the members of promoter group of the company have conveyed to us their intention to sell the equity shares to comply with the requirements of minimum public shareholding, said Clean Science And Technology in a stock exchange filing.
Currently, the promoters hold 78.51% of the stake in the corporation, which is above the 75% threshold. As a result, the company said 3.73 million shares, or around 3.51 percent of its equity stake, will be sold in a block transaction. Regarding the period of the entire divestment process, the company informed stock exchanges that “Period beginning from May 29, 2023 or onwards till June 30, 2023 or the actual date of completion of sale of all Equity Shares."
For the quarter ended in March 2023, Clean Science and Technology recorded a standalone net profit of ₹80.9 crore, which is a rise of 30% over the same period of the previous year. From ₹211.9 crore in Q4FY22 to ₹229.2 crore in Q4FY23, the total income rose 8.16% YoY. In contrast to an increase in the overall income to ₹974.5 crore from ₹714.8 crore, the net profit for FY23 climbed to ₹303.5 crore from ₹228.6 crore.
Commenting on the stake divestment of Clean Science and Technology, A R Ramachandran, Co-founder & Trainer-Tips2trades said "The impending promoter stake sale coupled with a bearish trend on the Daily charts could mean an extended downward trend in the coming days as well. 1535 will be strong resistance. A daily close below support of 1372 could lead to targets of 1305-1227 in the near term."
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